Office of Inspector General Activities

The Board of Governors' Office of Inspector General
(OIG) functions in accordance with the Inspector General Act of 1978,
as amended. In addition to retaining an independent auditor each year
to audit the Board's financial statements, the OIG plans and conducts
audits, reviews, and investigations relating to the Board's programs
and operations and its delegated functions at the Federal Reserve
Banks. The OIG also reviews existing and proposed legislation and
regulations for their impact on the economy and efficiency of the
Board's programs and operations. It recommends policies, and it
supervises and conducts activities to promote economy and efficiency
and to prevent and detect waste, fraud, and abuse in Board and
Board-delegated programs and operations, as well as in activities
administered or financed by the Board. The OIG keeps the Congress and
the Chairman of the Board of Governors fully informed about serious
abuses and deficiencies and about the status of any corrective actions.

During 2006, the OIG completed eight audits, reviews, and other
assessments and conducted a number of follow-up reviews to evaluate
action taken on earlier recommendations. The OIG also closed eight
investigations and performed numerous legislative and regulatory
reviews.

OIG Audits, Reviews, and Assessments Completed during 2006

Report title

Month issued

External Quality Control
Review of the National Science Foundation Inspector General
Audit
Organization